Klépierre, the leading pure play shopping center property company in Europe, announced today that it has acquired Nueva Condomina, the leading shopping mall in the region of Murcia, Spain, for a property value of €233m(including duties). Following this acquisition, Nueva Condomina becomes the third largest asset in Klépierre’s Spanish portfolio in terms of net rental income.
Covering approximately 110,000 m² (a 73,000 m² shopping center and 37,000 m² retail park) Nueva Condomina boasts an exceptional mix of 178 shops. In 2016, it attracted nearly 11 million visitors and generated €257m in retailer sales.
Klépierre purchased 100% of the shares of the Spanish entity that directly owns Nueva Condomina from a subsidiary of BNP Paribas Fortis SA/NV. Klépierre financed the acquisition through available credit lines.
Based on current annualized net rental income (NRI) of €12.5 million (80% shopping center; 20% retail park), the EPRA net initial yield amounts to 5.4%. Klépierre has been managing the entire retail site since 2012, and has already identified asset management and leasing initiatives which should result in an 18% uplift in annualized NRI by 2019. 2
After Plenilunio in Madrid (March 2015) and Oslo City (December 2015), this new acquisition reflects Klépierre’s strategy of focusing on retailers’ must-have destinations with high rental growth potential. Nueva Condomina is the leading retail destination in the entire region around Murcia, Spain’s 7th largest city. The mall is strategically located in a catchment area of 800,000 people. It is well connected to road networks as well as to public transportation facilities, such as a dedicated tramway stop and two direct bus.
